115 1st St

Bolivar, NY 14715

$19,900C-

3 bd · 1.5 ba · 2,014 sqft · Built 1924 · SingleFamily · Pending · 33 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,261/mo
• Mortgage (P&I): −$104
• Tax + insurance: −$33
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $859/mo
• Annual: $10,303/yr
• Cap rate: 58.07%
• Cash-on-cash: 184.91%
• DSCR: 9.23
• 1% rule: 6.34%
• Cash to close: $5,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $20k.
• At list price, monthly cash flow is $859 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $20k).
• It's been on market 33 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($138 loan paydown + $875 appreciation (4.4% local appreciation)).
• Location reads 66/100 on livability (#644 in NY) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D+, crime F, amenities F.
• Bolivar-Richburg Central School District (rural): math 50% / reading 51% proficiency, ranked #395 of 590 in NY (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bolivar-Richburg Elementary School (math 57% / reading 52%, grade C, #908 of 2,108 statewide, top 46%, 346 students, 57% FRL); Bolivar-Richburg Junior-Senior High School (math 47% / reading 47%, grade D-, #1,007 of 1,100 statewide, top 93%, 341 students, 58% FRL).
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 87 units permitted in Allegany County in 2024 (0 in 5+ unit buildings).
• Allegany County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y ago; this cycle's ask has dropped $10k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $20k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.